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Concord Medical sees 14.7% rise in Q1 revenue

Concord Medical Services Holdings, an operator of radiotherapy and diagnostic imaging centers in China, has reported total net revenues of $13.3m in the first quarter of 2011, a 14.7% increase from the corresponding period in 2010.

Gross profit was $8.4m, an 11.3% increase from the corresponding period in the prior year.

Net income in the first quarter of 2011 was $3.5m, a 6.1% increase from the corresponding period in the previous year.

Concord Medical director, president and CEO Jianyu Yang said the moderate growth can be primarily attributed to the ramp up process in the newly opened centers.

"We are confident in our expansion strategy and growth prospects. We are pushing forward on all fronts including establishing standalone hospitals and centers, developing new centers with hospital partners, pursuing acquisition targets, and increasing utility and efficiency at our existing facilities," Yang said.

"The establishment of a joint venture with the Oncology Hospital of Zhongshan Medical University, one of the top cancer hospitals in China, further underlines our strategy to establish a line of standalone facilities alongside our center network on hospital premises.

"The purpose of these standalone facilities is to establish the highest benchmark in cancer treatment in China and to strengthen Concord Medical’s brand among patients and doctors. Looking forward, Concord Medical intends to continue the expansion of our standalone facilities as a key part of our growth strategy."